Nextracker (NASDAQ:NXT) Shares Up 7.6% After Analyst Upgrade

Nextracker Inc. (NASDAQ:NXT)’s share price rose 7.6% on Monday after Truist Financial raised their price target on the stock from $50.00 to $54.00. Truist Financial currently has a buy rating on the stock. Nextracker traded as high as $43.10 and last traded at $42.64. Approximately 546,010 shares traded hands during trading, a decline of 85% from the average daily volume of 3,737,249 shares. The stock had previously closed at $39.61.

Several other equities research analysts have also recently weighed in on NXT. Barclays reduced their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Bank of America raised their price target on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Roth Mkm cut their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Wells Fargo & Company decreased their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Finally, BMO Capital Markets cut their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.65.

Hedge Funds Weigh In On Nextracker

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares during the last quarter. Fifth Third Bancorp grew its holdings in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after acquiring an additional 641 shares during the period. TFC Financial Management Inc. bought a new stake in shares of Nextracker during the 2nd quarter valued at $32,000. Rothschild Investment LLC acquired a new position in shares of Nextracker in the 2nd quarter valued at $35,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of Nextracker in the 1st quarter worth $44,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Up 5.9 %

The business has a fifty day moving average of $36.09 and a 200 day moving average of $43.57. The company has a quick ratio of 1.91, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a market cap of $6.10 billion, a P/E ratio of 10.46 and a beta of 2.32.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.